6th Jun 2006 10:33
Jardine Strategic Hldgs Ld06 June 2006 To: Business Editor 6th June 2006 For immediate release Jardine Cycle & Carriage LimitedFirst Quarter 2006 Financial Statements and Dividend Announcement The following announcement was issued today by the Company's 63%-ownedsubsidiary, Jardine Cycle & Carriage Limited. For further information, please contact: Jardine Matheson LimitedNeil M McNamara (852) 2843 8227 Martin HendersonMatheson & Co Ltd (44) 20 7816 8135 GolinHarrisKennes Young (852) 2501 7987 Weber Shandwick Square MileRichard Hews / Helen Thomas (44) 20 7067 0700 6 June 2006 JARDINE CYCLE & CARRIAGE LIMITEDFIRST QUARTER 2006 FINANCIAL STATEMENTS AND DIVIDEND ANNOUNCEMENT Highlights • Weaker demand in Indonesia impacts Astra's motor business• Astra's non-automotive activities less affected• Improvement in Singapore motor operations "Astra is continuing to experience poor consumer demand and it is too early toassess when an improvement in the Indonesian economy will lead to a recovery inAstra's contribution." Anthony Nightingale, Chairman6 June 2006 Group Results_______________________________________________________________________________ Three months Three months ended 31 March ended 31 March 2006 2005 Change 2006 Change US$m US$m % S$m %_______________________________________________________________________________Revenue 1,795 272 560 2,912 554Underlying profit attributable to shareholders 59 75 -21 96 -22Profit attributable to shareholders 60 78 -23 98 -24_______________________________________________________________________________ USc USc Sc_______________________________________________________________________________Underlying earnings* per share 17.52 22.41 -22 28.42 -23Earnings per share 17.94 23.49 -24 29.11 -24_______________________________________________________________________________ At At At 31.3.06 31.12.05 Change 31.3.06 Change US$m US$m % S$m %_______________________________________________________________________________Shareholders' funds 1,763 1,579 12 2,854 9_______________________________________________________________________________ US$ US$ S$_______________________________________________________________________________Net asset value per share 5.24 4.69 12 8.48 9_______________________________________________________________________________ The exchange rate of US$1=S$1.6188 (31.12.2005: US$1=S$1.6650) was used fortranslating assets and liabilities at the balance sheet date and US$1=S$1.6228(31.3.2005: US$1=S$1.6387) was used for translating the results for the period. The financial results for the three months ended 31 March 2006 have beenprepared in accordance with the International Financial Reporting Standards("IFRS"). These results have not been audited or reviewed by the Auditors. Thefinancial results for the year ended 31 December 2005 were audited in accordancewith the Singapore Standards on Auditing. Astra became a subsidiary on 1 August 2005, and its results have beenconsolidated since then. \* The basis for calculating underlying earnings is set out in Note 5 of thisreport. CHAIRMAN'S STATEMENT Performance The Group's underlying profit for the first three months of 2006 declined by 21%to US$59 million and underlying earnings per share were 22% lower at USc17.52.As anticipated, Astra's first-quarter performance was affected by weakerconsumer demand in Indonesia and its contribution to underlying profit was down21% at US$55 million. The contribution from the Group's directly-held motoroperations was marginally lower at US$7 million. Consolidated net debt at 31March 2006, excluding net debt in Astra's consumer finance operations, waslittle changed from the prior year end at US$613 million. In Indonesia, the reduced demand for motor cars and motorcycles seen in thelatter part of 2005 persisted into the new year and had a significant impact onAstra's automotive activities. Its non-automotive businesses, however, were lessaffected. There was a strong performance from agribusiness following furtherincreases in output, and there was also an improvement in the heavy equipmentoperations as a decline in Komatsu sales was more than offset by the good resultfrom contract mining. In the Group's directly-held motor activities, a lower contribution from TunasRidean in Indonesia due to the weaker consumer demand was largely offset bystrong Mitsubishi sales in Singapore and higher dealer incentives in Malaysia. There was no contribution from property following the distribution in specie on25 January 2006 of the Group's 65.6% interest in MCL Land, which completed theGroup's withdrawal from property activities. Dividends The Board does not propose to declare a dividend for the three months ended 31March 2006 (31 March 2005: Nil). Prospects Astra is continuing to experience poor consumer demand and it is too early toassess when an improvement in the Indonesian economy will lead to a recovery inAstra's contribution. Anthony NightingaleChairman6 June 2006 _________________________________________________________________________Jardine Cycle & Carriage LimitedConsolidated Profit and Loss Account for the three months ended 31 March_________________________________________________________________________ Note 2006 2005 Change US$m US$m %Continuing operations_____________________Revenue 1,794.5 271.2 562Cost of sales (1,440.1) (246.9) 483 _________ _______Group profit 354.4 24.3 nm Other operating income 59.8 6.2 865Selling and distribution expenses (89.5) (14.9) 501Administrative expenses (116.4) (6.5) nmOther operating expenses (27.6) (0.2) nm _________ _______Operating profit 180.7 8.9 nm Financing charges (19.5) (2.6) 650Share of associates' and joint ventures' results 33.4 74.4 -55 _________ _______Profit before tax 3 194.6 80.7 141Tax 4 (48.3) (1.7) nm _________ _______Profit after tax from continuing operations 146.3 79.0 85 _________ _______ Discontinued operations_______________________Revenue - 0.5 -100 Profit before tax - 0.2 -100Tax - (0.1) -100 _________ _______Profit after tax from discontinued operations 12 - 0.1 -100 _________ _______ Profit attributable to:Shareholders of the Company 60.4 78.4 -23Minority interests 85.9 0.7 nm _________ _______ 146.3 79.1 85 _________ _______________________________________________________________________________ USc USc %________________________________________________________________________Earnings per share: 5 - basic 17.94 23.49 -24 - fully diluted 17.92 23.46 -24 Earnings per share from continuing operations: 5 - basic 17.94 23.46 -24 - fully diluted 17.92 23.43 -24________________________________________________________________________ nm - not meaningful ______________________________________________________________________Jardine Cycle & Carriage LimitedConsolidated Balance Sheet______________________________________________________________________ At At Note 31.3.06 31.12.05 US$m US$mNon-current assetsIntangible assets 516.2 482.3Leasehold land use rights 420.3 399.4Property, plant and equipment 1,144.1 1,037.5Investment properties 28.6 51.1Plantations 414.6 383.1Interests in associates and joint ventures 1,184.2 1,153.7Non-current investments 44.9 43.4Debtors 1,142.5 1,218.0Deferred tax assets 54.7 51.7Other non-current assets 40.1 44.5 _______ _______ 4,990.2 4,864.7 _______ _______Current assetsDevelopment properties for sale - 415.9Stocks 665.3 678.2Debtors 2,132.3 2,082.9Current tax assets 50.7 45.1Bank balances and other liquid funds - non-finance companies 320.7 317.2 - finance companies 215.8 186.6 536.5 503.8 _______ _______ 3,384.8 3,725.9 _______ _______Total assets 8,375.0 8,590.6 _______ _______Non-current liabilitiesProvisions 12.2 10.6Long-term borrowings - non-finance companies 337.6 394.6 - finance companies 928.1 1,005.3 6 1,265.7 1,399.9Deferred tax liabilities 309.9 292.4Other non-current liabilities 88.6 82.1 _______ _______ 1,676.4 1,785.0 _______ _______Current liabilitiesProvisions 23.6 38.9Current borrowings - non-finance companies 602.5 542.0 - finance companies 1,158.5 1,168.9 6 1,761.0 1,710.9Current tax liabilities 32.8 74.0Dividend payable - 250.6Creditors 992.1 1,101.4 _______ _______ 2,809.5 3,175.8 _______ _______Total liabilities 4,485.9 4,960.8 _______ _______Net assets 3,889.1 3,629.8 _______ _______EquityShare capital 7 459.4 185.4Share premium 7 - 274.0Fair value and other reserves 8 343.4 342.2Revenue reserve 9 960.2 777.6 _______ _______Shareholders' funds 1,763.0 1,579.2Minority interests 10 2,126.1 2,050.6 _______ _______ 3,889.1 3,629.8 _______ _______ Net asset value per share US$5.24 US$4.69 ____________________________________________________________________________Jardine Cycle & Carriage LimitedConsolidated Statement of Recognised Income and Expense for the three monthsended 31 March____________________________________________________________________________ 2006 2005 US$m US$m Fair value changes of available-for-sale investments, net of tax 3.2 0.6 Deficit on revaluation of land and buildings, net of tax (0.1) (0.8) Translation difference 261.3 (28.4) _______ _______Net gain/(loss) recognised directly in equity 264.4 (28.6) Profit after tax 146.3 79.1 _______ _______Total recognised income and expense for the period 410.7 50.5 _______ _______ Profit attributable to: Shareholders of the Company 183.8 51.4 Minority interests 226.9 (0.9) _______ _______ 410.7 50.5 _______ _______ ____________________________________________________________________Jardine Cycle & Carriage LimitedCompany Balance Sheet____________________________________________________________________ Note At At 31.3.06 31.12.05 US$m US$m Non-current assetsProperty, plant and equipment 0.8 0.9Interests in subsidiaries 1,139.1 1,358.3Interests in associates 45.9 44.6 _______ _______ 1,185.8 1,403.8 _______ _______Current assetsDebtors 20.9 19.8Bank balances and other liquid funds 0.4 0.3 _______ _______ 21.3 20.1 _______ _______ Total assets 1,207.1 1,423.9 _______ _______Non-current liabilitiesDeferred tax liabilities 0.4 0.4 _______ _______ 0.4 0.4 _______ _______Current liabilitiesCurrent borrowings 270.3 254.0Current tax liabilities 0.9 0.8Dividend payable - 250.6Creditors 69.2 66.2 _______ _______ 340.4 571.6 _______ _______ Total liabilities 340.8 572.0 _______ _______ Net assets 866.3 851.9 _______ _______ Share capital and reservesShare capital 7 459.4 185.4Share premium 7 - 274.0Share option reserve 8 0.3 0.3Revenue reserve 9 406.6 392.2 _______ _______Shareholders' funds 866.3 851.9 _______ _______ Net asset value per share US$2.57 US$2.53 _____________________________________________________________________________Jardine Cycle & Carriage LimitedCompany Statement of Recognised Income and Expense for the three months ended31 March_____________________________________________________________________________ 2006 2005 US$m US$m Translation difference 24.0 (9.3) ______ ______Net gain/(loss) recognised directly in equity 24.0 (9.3) Loss after tax (9.6) (3.2) ______ ______Total recognised income and expense for the period 14.4 (12.5) ______ ______Profit attributable to: Shareholders of the Company 14.4 (12.5) ______ ______ _________________________________________________________________________Jardine Cycle & Carriage LimitedConsolidated Statement of Cash Flows for the three months ended 31 March_________________________________________________________________________ 2006 2005 Note US$m US$m Cash flows from operating activities 11 353.5 21.7 Cash generated from operations Interest paid (22.4) (2.3)Interest received 9.1 1.6Other finance costs paid (0.1) (0.4)Income tax paid (89.9) (1.3) (103.3) (2.4) _______ _______Net cash flows from operating activities 250.2 19.3 Cash flows from investing activities Sale of property, plant and equipment 12.1 0.9Sale of investment properties 2.3 36.7Sale of subsidiaries, net of cash disposed (27.7) -Sale of shares in associates - 1.1Purchase of property, plant and equipment (118.0) (2.6)Purchase of leasehold land use rights (2.7) (0.3)Purchase of plantations (3.1) -Purchase of subsidiaries, net of cash acquired (3.5) -Purchase of investment property - (9.6)Purchase of shares in associates (31.5) (23.1)Capital repayment of other investments 0.2 -Dividends received from associates (net) 94.4 - Net cash flows from/(used in) investing activities (77.5) 3.1 Cash flows from financing activities Proceeds from issue of shares - 0.5Drawdown of loans 495.7 347.5Repayment of loans (682.8) (336.6)Investment by minority interests 9.4 -Dividends paid to minority interests (0.2) - Net cash flows from/(used in)financing activities (177.9) 11.4 _______ _______Net change in cash and cash equivalents (5.2) 33.8 Cash and cash equivalents at the beginning of the period 491.0 177.0Effect of exchange rate changes 31.2 (1.4) _______ _______Cash and cash equivalents at the end of the period 517.0 209.4 _______ _______ ________________________________________________________________________________Jardine Cycle & Carriage LimitedNotes________________________________________________________________________________ 1 Basis of preparation The financial statements are consistent with those set out in the 2005 auditedaccounts which have been prepared in accordance with International FinancialReporting Standards ("IFRS"). There have been no changes to the accountingpolicies described in the 2005 audited accounts except for the adoption of thestandards shown below: IAS 39 (amended 2005) Cash Flow Hedge Accounting of Forecast Intragroup TransactionsIAS 39 (amended 2005) The Fair Value OptionIAS 39 and IFRS 4 (amended 2005) Financial Guarantee ContractsIFRIC 4 Determining whether an Arrangement contains a Lease The adoption of these standards did not have a material impact on the results ofthe Group. The preparation of financial statements in conformity with IFRS requires the useof certain critical accounting estimates. The Group makes estimates andassumptions concerning the future. It also requires management to exercise itsjudgment in the process of applying the Group's accounting polices. Estimatesand judgments are continually evaluated and are based on historical experienceand other factors, including expectations of future events that are believed tobe reasonable under the circumstances. The resulting accounting estimates will,by definition, seldom equal the related actual results. With Astra becoming a subsidiary in August 2005, the initial accounting for thebusiness combination under IFRS 3 Business Combinations involved identifying anddetermining the fair values to be assigned to Astra's identifiable assets,liabilities and contingent liabilities and the cost of the combination. Thecompletion of the initial accounting may result in adjustments to the fairvalues of Astra's identifiable assets, liabilities and contingencies as well asgoodwill on acquisition. 2 Reconciliation between IAS 17 and IAS 40 and FRS 25 A reconciliation of the differences between IAS 17 Leases ("IAS 17") and IAS 40Investment Properties ("IAS 40") and Singapore's FRS 25 Accounting forInvestments ("FRS 25") is to be disclosed as required by the Accounting andCorporate Regulatory Authority in approving the Company's application for theadoption of International Financial Reporting Standards. The differences between IAS 17 and IAS 40 and FRS 25 arise from the accountingtreatment of valuation changes in investment properties. Under IAS 40,investment properties are carried at fair value and changes in fair values arerecognised directly in the consolidated profit and loss account. This contrastswith FRS 25 where the investment properties are carried at revalued amounts. Thenet surplus or deficit on revaluation is first taken to revaluation reserveunless the revaluation surplus is insufficient to cover the deficit, in whichcase, the amount by which the deficit exceeds the available surplus is chargedto the consolidated profit and loss account. The surplus on revaluation notutilised at the date of the sale of investment properties is taken to theconsolidated profit and loss account. There were no financial effects in adopting these standards for the three monthsended 31 March 2006. 3 Profit before tax GroupThree months ended 31 March 2006 2005 Change US$m US$m %Profit before tax is determined after including:Interest income 9.1 1.0 810Interest expense (19.7) (2.3) 757Depreciation and amortisation of property, plant and equipment and leasehold land use rights (54.7) (2.1) nmProfit on sale of shares in a subsidiary 7.2 - 100Profit on sale of property, plant and equipment 1.7 - 100Profit on sale of leasehold land use rights 1.2 - 100Loss on sale of repossessed assets (25.1) - 100Fair value changes of forward exchange contracts (1.1) 0.1 nmNet exchange gain 23.0 2.3 900Write-down of stocks (1.2) - 100Write-back of doubtful debts 0.5 1.4 -64Provision for warranty and goodwill claims (2.0) (1.9) 5Write-back of provision for closure costs - 1.2 -100 _______ _______ nm: not meaningful 4 Tax The provision for income tax is based on the statutory tax rates of therespective countries in which the companies operate after taking into accountnon-deductible expenses and group tax relief. 5 Earnings per share GroupThree months ended 31 March 2006 2005 US$m US$mBasic earnings per shareProfit attributable to shareholders 60.4 78.4Weighted average number of ordinary shares in issue (millions) 336.7 333.7 Basic earnings per share USc17.94 USc23.49 ________ ________ Profit attributable to shareholders from continuing operations 60.4 78.3 Basic earnings per share from continuing operations USc17.94 USc23.46 ________ ________ Profit attributable to shareholders from discontinued operations - 0.1Basic earnings per share from discontinued operations - USc0.03 ________ ________ Diluted earnings per shareProfit attributable to shareholders 60.4 78.4Weighted average number of ordinary shares in issue (millions) 336.7 333.7Adjustment for assumed conversion of share options (millions) 0.3 0.5 ________ ________Weighted average number of ordinary shares for diluted earnings per share (millions) 337.0 334.2 ________ ________Diluted earnings per share USc17.92 USc23.46 ________ ________ Profit attributable to shareholders from continuing operations 60.4 78.3Diluted earnings per share from continuing operations USc17.92 USc23.43 ________ ________ Profit attributable to shareholders from discontinued operations - 0.1Diluted earnings per share from discontinued operations - USc0.03 ________ ________Underlying earnings per shareUnderlying profit attributable to shareholders 59.0 74.8 Basic underlying earnings per share USc17.52 USc22.41 ________ ________ Diluted underlying earnings per share USc17.51 USc22.38 ________ ________ A reconciliation of the profit attributable to shareholders and underlyingprofit attributable to shareholders is as follows: GroupThree months ended 31 March 2006 2005 US$m US$m Profit attributable to shareholders 60.4 78.4Less:Exceptional items Profit on sale of shares in a subsidiary 1.4 -Profit on closure of Australian operations - 3.6 1.4 3.6 ________ ________Underlying profit attributable to shareholders 59.0 74.8 ________ ________ 6 Borrowings Group At At 31.3.06 31.12.05 US$m US$m Long-term borrowings:- secured 480.5 581.9- unsecured 785.2 818.0 ________ ________ 1,265.7 1,399.9 ________ ________Current borrowings:- secured 513.5 472.2- unsecured 1,247.5 1,238.7 ________ ________ 1,761.0 1,710.9 ________ ________ ________ ________Total borrowings 3,026.7 3,110.8 ________ ________ Certain subsidiaries of the Group have pledged their assets in order to obtainbank facilities from financial institutions. The value of assets pledged/mortgaged was US$937.5 million (31.12.05: US$1,145.6 million). 7 Share capital CompanyThree months ended 31 March 2006 2005 US$m US$mShare capital:Balance at 1 January 185.4 183.6Issue of shares - 0.1Transfer from share premium 274.0 - ________ ________Balance at 31 March 459.4 183.7 ________ ________Share premium:Balance at 1 January 274.0 254.9Issue of shares - 0.4Transfer to share capital (274.0) - ________ ________Balance at 31 March - 255.3 ________ ________ Pursuant to the abolition of par or nominal value of share capital in theCompanies (Amendment) Act 2005 which took effect on 30 January 2006, the amountin share premium has become part of the Company's share capital. 8 Fair value and other reserves Group Company At At At At 31.3.06 31.3.05 31.3.06 31.3.05 US$m US$m US$m US$mComposition:____________Fair value reserve 2.8 3.4 - -Asset revaluation reserve 336.9 9.5 - -Share option reserve 0.3 0.4 0.3 0.4Other reserve 3.4 3.8 - - ______ ______ ______ ______ 343.4 17.1 0.3 0.4 ______ ______ ______ ______ Group CompanyThree months ended 31 March 2006 2005 2006 2005 US$m US$m US$m US$mMovements:__________Fair value reserveBalance at 1 January 1.2 2.7 - -Fair value changes of available-for-sale investments, net of tax 1.6 0.7 - - ______ ______ ______ ______Balance at 31 March 2.8 3.4 - - ______ ______ ______ ______ Asset revaluation reserveBalance at 1 January 336.9 10.3 - -Deficit on revaluation of land and buildings, net of tax (0.1) (0.8) - -Reserve realised on disposal of land and buildings 0.1 - - - ______ ______ ______ ______Balance at 31 March 336.9 9.5 - - ______ ______ ______ ______ Share option reserveBalance at 1 January 0.3 0.4 0.3 0.4Transfer to share premium for options exercised - - - - ______ ______ ______ ______Balance at 31 March 0.3 0.4 0.3 0.4 ______ ______ ______ ______ Other reserveBalance at 1 January 3.8 3.8 - -Reserve realised on disposal of a subsidiary (0.4) - - - ______ ______ ______ ______Balance at 31 March 3.4 3.8 - - ______ ______ ______ ______ 9 Revenue reserve Group Company At At At At 31.3.06 31.3.05 31.3.06 31.3.05 US$m US$m US$m US$mComposition:____________Translation reserve 57.7 (40.7) 101.3 87.8Retained earnings 902.5 905.8 305.3 508.7 _____ _____ _____ _____ 960.2 865.1 406.6 596.5 _____ _____ _____ _____ Group CompanyThree months ended 31 March 2006 2005 2006 2005 US$m US$m US$m US$mMovements:__________Translation reserveBalance at 1 January (63.1) (13.8) 77.3 97.1Translation difference 117.8 (26.9) 24.0 (9.3)Reserve realised on disposal of a subsidiary 3.0 - - - _____ _____ _____ _____Balance at 31 March 57.7 (40.7) 101.3 87.8 _____ _____ _____ _____ Retained earningsBalance at 1 January 840.7 827.4 314.9 511.9Asset revaluation reserve realised on disposal of land and buildings (0.1) - - -Other reserve realised on disposal of a subsidiary 0.4 - - -Gain on dilution of interests in investments 1.1 - - -Profit/(loss) attributable to shareholders 60.4 78.4 (9.6) (3.2) _____ _____ _____ _____Balance at 31 March 902.5 905.8 305.3 508.7 _____ _____ _____ _____ 10 Minority interests GroupThree months ended 31 March 2006 2005 US$m US$m Balance at 1 January 2,050.6 222.4 Fair value changes of available-for-sale investments, net of tax 1.6 (0.1)Loss on dilution of interest in investments (1.1) -Translation difference 140.5 (1.5) Net gain/(loss) recognised directly in equity 141.0 (1.6)Profit for the period 85.9 0.7 _______ _______Total recognised gain for the period 226.9 (0.9)Dividends (net) (0.2) -Issue of shares 9.4 -Acquisition/disposal of subsidiaries (160.6) - _______ _______Balance at 31 March 2,126.1 221.5 _______ _______ 11 Cash flows from operating activities GroupThree months ended 31 March 2006 2005 US$m US$m Profit before tax 194.6 80.9 Adjustments for:Interest income (9.1) (1.0)Financing charges 19.4 2.6Share of associates' and joint ventures' results (33.4) (74.4)Depreciation and amortisation of property, plant and equipment and leasehold land use rights 54.7 2.1Impairment of other investments 0.1 -Negative goodwill on acquisition of a subsidiary (0.2) -Foreign exchange translation difference (57.0) (2.3)Profit on sale of property, plant and equipment (1.7) -Profit on sale of leasehold land use rights (1.2) -Write-down of stocks 1.2 -Changes in provisions 2.9 -Profit on sale of shares in a subsidiary (7.2) -Fair value changes of plantations (0.5) - (32.0) (73.0) _______ _______Operating profit before working capital changes 162.6 7.9 Changes in working capital:Development properties for sale - (3.1)Stocks 46.4 11.3Financing debtors 267.5 -Debtors (83.9) 7.9Creditors (42.6) (2.3)Financial derivatives 3.5 - 190.9 13.8 _______ _______Cash flows from operating activities 353.5 21.7 _______ _______ 12 Discontinued operations On 23 December 2005, a proposed distribution of 242,824,655 ordinary shares ofMCL Land Limited held by the Company to its shareholders by way of a dividend inspecie, was approved by the shareholders at the Extraordinary General Meeting ofthe Company. The distribution, in the proportion of 0.721394388 MCL Land StockUnits for every one ordinary share in the capital of the Company, was completedon 25 January 2006. MCL Land Limited ceased to be a subsidiary of the Companyaccordingly. The distribution completes the Group's strategy of withdrawing from propertyactivities. GroupThree months ended 31 March 2005 US$m Profit of discontinued operations:Revenue 0.5Operating expenses (0.3) _______Profit before tax 0.2Tax (0.1) _______Profit after tax 0.1 _______ Cash flow of discontinued operations:Operating cash flows 39.5Investment cash flows (9.6)Financing cash flows (33.0) _______Total cash flows (3.1) _______ 13 Interested person transactions Aggregate value of all interested person transactions Aggregate value of (excluding all interested transactions less person transactions than S$100,000 and conducted under transactions shareholders' conducted under mandate pursuant to shareholders' Rule 920 (excluding mandate pursuant transactions less Name of interested person to Rule 920) than S$100,000)_________________________ __________________ ___________________ US$m US$m Three months ended 31 March 2006Jardine Matheson Limited- management consultancy services - 0.1 Director of the Company, Chang See Hiang- sale of a motor car 0.2 -- purchase of a used car 0.1 - __________________ ___________________ 14 Issue of shares The number of shares that may be issued on conversion of all outstanding optionsgranted pursuant to the CCL Executives' Share Option Schemes amounted to 426,000as at 31 March 2006 (31.12.2005: 466,000). Between 1 January 2006 and 31 March 2006, 40,000 ordinary shares were issued forcash pursuant to an exercise of options granted under the CCL Executives' ShareOption Schemes to subscribe for shares in the capital of the Company at theexercise price of S$1.204 per share. Except for those mentioned above, there were no other rights, bonus or equityissues during the period between 1 January 2006 and 31 March 2006. 15 Others The results do not include any pre-acquisition profits and have not beenaffected by any item, transaction or event of a material or unusual nature otherthen the exceptional items shown in note 5 of this report. No significant transaction or event has occurred between 1 April 2006 and thedate of this report. - end - For further information, please contact: Jardine Cycle & Carriage LimitedHo Yeng Tat Tel: 65 64708108 The full text of the Financial Statements and Dividend Announcement for thefirst quarter 2006 can be accessed through the internet at 'www.jcclgroup.com'. 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